Mixed Use Insurance
Ok, I'm still testing the waters of this real estate business. I am looking at a mixed use building with 7 units of 2 br 2 ba apartments above 2 units of store front. Building is for sale for $180,000. In theory should gross about $36,000/yr. I know the taxes in this area are quite low so I'm not too worried about that. But, I have no basis of comparison for insurance on a property like this. Anyone have any ideas?
It really depends on a lot of things, including, but not limited to:
Age, construction, tenants (what type of storefront), updates, deductibles, liability limits, etc....
Find a REIA group that can refer you to an Insurance Agent that is vesed in REI insurance needs. May want to see what the current owner has, as well.
Happy Thanksgiving!
Tim